Diversified Healthcare Trust (DHC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.15	-$0.1	+33.3%	—	$365.4M	—
Q3 25	-$0.23	-$0.22	+4.3%	—	$388.7M	—
Q2 25	-$0.23	-$0.2	+13.0%	—	$382.7M	—
Q1 25	-$0.28	-$0.24	+14.3%	—	$386.9M	—
Q4 24	-$0.29	-$0.27	+6.9%	—	$379.6M	—
Q3 24	—	-$0.41	—	—	$373.6M	—
Q2 24	-$0.28	-$0.32	-14.3%	—	$371.4M	—
Q1 24	-$0.28	-$0.28	0.0%	—	$370.8M	—
Q4 23	-$0.25	-$0.42	-68.0%	—	$361.5M	—
Q3 23	—	-$0.28	—	—	$356.5M	—
Q2 23	-$0.23	-$0.3	-30.4%	—	$346.2M	—
Q1 23	-$0.23	-$0.22	+4.3%	—	$346M	—
Q4 22	-$0.26	-$0.27	-3.8%	—	$336.9M	—
Q3 22	-$0.24	-$0.34	-41.7%	—	$322.9M	—
Q2 22	-$0.26	-$0.46	-76.9%	—	$313M	—
Q1 22	-$0.24	-$0.37	-54.2%	—	$310.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$1.19	—	—	$1.5B	—
FY24	—	-$1.55	—	—	$1.5B	—
FY23	—	-$1.23	—	—	$1.4B	—
FY22	—	-$0.07	—	—	$1.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.1B	$1.1B	$1.1B	$1B	$1.6B	$1.4B	$1.3B	$1.4B	$1.5B	$1.5B
YoY change	+5.93%	+1.58%	+3.95%	-6.89%	+56.9%	-15.2%	-7.2%	+9.87%	+6.04%	+2.84%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.1B	1.1B	1.1B	1B	1.6B	1.4B	1.3B	1.4B	1.5B	1.5B
Cost of revenue	399.8M	413.5M	451.6M	489.1M	1.2B	1.1B	1.1B	1.2B	1.2B	1.3B
Gross profit	658.2M	661.2M	665.6M	551.1M	395.7M	291.4M	174.5M	236.2M	258.9M	278.5M
Gross margin	62.2%	61.5%	59.6%	53%	24.2%	21.1%	13.6%	16.7%	17.3%	18.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	46.6M	103.7M	85.9M	37M	30.6M	34.1M	26.4M	26.1M	26.5M	45.5M
Operating expenses	46.6M	103.7M	85.9M	37M	30.6M	34.1M	26.4M	26.1M	26.5M	45.5M
Operating income	323.8M	280.7M	293.5M	225M	94.9M	-13.8M	-91.2M	-74.1M	-52.6M	-28.9M
Operating margin	30.6%	26.1%	26.3%	21.6%	5.82%	-1%	-7.11%	-5.25%	-3.52%	-1.88%
Non-operating income, net	-15.1M	35.6M	177.5M	-128.7M	-44.7M	430.3M	263.6M	-22.4M	-92.5M	-93.3M
Pretax income	141.6M	151.6M	292.4M	-82.8M	-133.1M	181.4M	-21.1M	-272.7M	-371.4M	-320.9M
Income tax	424K	454K	476K	436K	1.3M	1.4M	710K	445K	467K	1.7M
Net income	141.3M	151.8M	292.4M	-82.9M	-134.3M	179.9M	-15.8M	-293.6M	-370.3M	-285.9M
Net margin	13.4%	14.1%	26.2%	-7.97%	-8.23%	13%	-1.23%	-20.8%	-24.8%	-18.6%
EBITDA	612.1M	557.9M	580.4M	515M	383.3M	277.9M	164.2M	225.6M	241.4M	239M
EPS	0.6	0.62	1.21	-0.37	-0.59	0.73	-0.07	-1.23	-1.55	-1.19
Diluted EPS	0.6	0.62	1.21	-0.37	-0.59	0.73	-0.07	-1.23	-1.55	-1.19

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	356.5M	361.5M	370.8M	371.4M	373.6M	379.6M	386.9M	382.7M	388.7M	379.6M	366.5M	365.4M
Cost of revenue	298.4M	303.4M	307.6M	304.1M	309.7M	315.2M	314.3M	312.6M	325.4M	307M	290.6M	280.9M
Gross profit	58.1M	58.1M	63.2M	67.3M	63.9M	64.4M	72.5M	70.1M	63.3M	72.5M	75.9M	84.4M
Gross margin	16.3%	16.1%	17%	18.1%	17.1%	17%	18.8%	18.3%	16.3%	19.1%	20.7%	23.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	7M	6M	7.6M	6.3M	13.9M	-1.2M	9M	11.2M	12.8M	12.5M	14M	19.3M
Operating expenses	7M	6M	7.6M	6.3M	13.9M	-1.2M	9M	11.2M	12.8M	12.5M	14M	19.3M
Operating income	-16.1M	-31.5M	-14.5M	-7.3M	-18.9M	-11.8M	-4.8M	-7.3M	-14.8M	-2M	-1M	2.6M
Operating margin	-4.52%	-8.73%	-3.92%	-1.96%	-5.07%	-3.11%	-1.24%	-1.91%	-3.81%	-0.53%	-0.28%	0.7%
Non-operating income, net	-4.8M	-2.5M	-18.1M	-21.8M	-23.3M	-29.4M	50.1M	-38.6M	-104.3M	-472K	-4.9M	-3.7M
Pretax income	-65.4M	-79.9M	-88M	-85.4M	-99.1M	-99M	-10.4M	-93.9M	-168.8M	-47.8M	-42.7M	-38M
Income tax	189K	66K	187K	170K	148K	-38K	49K	843K	337K	514K	622K	1.3M
Net income	-65.8M	-102.6M	-86.3M	-97.9M	-98.7M	-87.4M	-9M	-91.6M	-164M	-21.2M	-43.3M	-37.4M
Net margin	-18.5%	-28.4%	-23.3%	-26.3%	-26.4%	-23%	-2.32%	-23.9%	-42.2%	-5.59%	-11.8%	-10.2%
EBITDA	54.4M	55.1M	57.9M	63.5M	52.6M	67.4M	65.7M	62M	50.6M	61.5M	62.1M	65.4M
EPS	-0.28	—	-0.36	-0.41	-0.41	—	-0.04	-0.38	-0.68	—	-0.18	-0.16
Diluted EPS	-0.28	—	-0.36	-0.41	-0.41	—	-0.04	-0.38	-0.68	—	-0.18	-0.16

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	4.5B	4.5B	2.8B	2B	979.5M	735.3M	154.9M	893.2M	550.9M	1.2B	1.9B
Enterprise value	8.3B	8.3B	6.5B	5.5B	4.5B	3.8B	2.5B	3.5B	3.3B	3.5B	4.2B
Shares outstanding	237.3M	237.4M	237.5M	237.6M	237.7M	238M	238.3M	238.8M	239.5M	240.3M	240.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	31.8	30	9.52	—	—	4.09	—	—	—	—	-6.69
P/S	4.25	4.23	2.49	1.93	0.6	0.53	0.12	0.63	0.37	0.76	1.28
P/B	1.4	1.39	0.88	0.7	0.37	0.28	0.06	0.38	0.28	0.7	1.22
EV/EBITDA	13.5	14.9	11.1	10.8	11.7	13.6	15.5	15.4	13.7	14.5	19.2
EV/Sales	7.83	7.71	5.79	5.33	2.74	2.73	1.98	2.46	2.22	2.25	2.82
Earnings yield	3.14%	3.34%	10.5%	—	—	24.5%	—	—	—	—	-14.9%
FCF yield	9.45%	9.22%	14.1%	13.3%	16.2%	-8.61%	-26.1%	1.17%	20.4%	-1.68%	13.4%
PEG	—	—	—	—	—	—	—	—	—	—	0.12

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	62.2%	61.5%	59.6%	53%	24.2%	21.1%	13.6%	16.7%	17.3%	18.1%	23.1%
Operating margin	30.6%	26.1%	26.3%	21.6%	5.82%	-1%	-7.11%	-5.25%	-3.52%	-1.88%	-0.14%
Net margin	13.4%	14.1%	26.2%	-7.97%	-8.23%	13%	-1.23%	-20.8%	-24.8%	-18.6%	-17.7%
ROE	4.42%	4.63%	9.2%	-2.88%	-5.13%	6.76%	-0.6%	-12.6%	-18.9%	-17.2%	-15.5%
ROA	1.95%	2.08%	4.08%	-1.25%	-2.07%	2.72%	-0.26%	-5.39%	-7.21%	-6.56%	-0.45%
ROIC	4.62%	3.99%	4.27%	3.51%	1.55%	-0.24%	-1.81%	-1.51%	-1.11%	-0.73%	-0.4%
Return on tangible assets	2.28%	2.39%	4.63%	-1.39%	-2.17%	2.74%	-0.26%	-5.42%	-7.24%	-6.59%	-6.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.15	0.1	0.41	0.46	3.92	1.21	0.95	8.77	11.3	2.62	6.65
Quick ratio	0.15	0.1	0.41	0.46	3.92	1.21	0.95	8.77	11.3	2.62	4.67
Debt / equity	1.19	1.15	1.17	1.24	1.36	1.38	1.16	1.21	1.49	1.44	1.53
Debt / assets	0.53	0.52	0.52	0.54	0.55	0.56	0.51	0.52	0.57	0.55	0.57
Net debt / EBITDA	6.19	6.7	6.34	6.88	9.11	10.9	14.6	11.4	11.5	9.61	9.54
Interest coverage	1.84	1.92	2.63	0.54	0.34	1.71	0.9	-0.42	-0.58	-0.57	-0.74
Effective tax rate	0.3%	0.3%	0.16%	0%	0%	0.79%	0%	0%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	4.46	4.53	4.7	4.38	6.86	5.81	5.39	5.9	6.24	6.4	6.23
EPS (basic)	0.6	0.62	1.21	-0.37	-0.59	0.73	-0.07	-1.23	-1.55	-1.19	-1.19
EPS (diluted)	0.6	0.62	1.21	-0.37	-0.59	0.73	-0.07	-1.23	-1.55	-1.19	-1.09
Book value per share	13.5	13.8	13.4	12.1	11	11.2	11.1	9.78	8.18	6.93	6.54
FCF per share	1.79	1.77	1.65	1.12	0.67	-0.27	-0.17	0.04	0.47	-0.08	-0.09
Cash per share	0.13	0.13	0.23	0.16	0.31	2.67	2.76	1.03	0.6	0.44	0.48
Capex per share	—	0.23	1.4	1.07	—	—	—	—	—	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	5.12%	29.8%	24.4%	—	—	—	—	—	—	—
Capex / operating cash flow	—	12.5%	59.9%	171.4%	—	—	—	—	—	—	—
Payout ratio	262.2%	244.1%	126.8%	-241%	-31.9%	5.3%	-60.7%	-3.27%	-2.6%	-3.38%	2.3%
Dividend yield	8.25%	8.15%	13.3%	9.96%	4.37%	1.3%	6.18%	1.07%	1.75%	0.83%	0.5%

Yield

0.5%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.01

ex-dividend Jul 20, 2026

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 20, 2026	$0.01
Apr 21, 2026	$0.01
Jan 26, 2026	$0.01

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$356.5M	$361.5M	$370.8M	$371.4M	$373.6M	$379.6M	$386.9M	$382.7M	$388.7M	$379.6M	$366.5M	$365.4M
YoY change	+10.4%	+7.32%	+7.15%	+7.27%	+4.8%	+5%	+4.34%	+3.05%	+4.03%	-0.01%	-5.27%	-4.53%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	31.7M	31.2M	55M	37.4M	74.4M	634.8M	658.1M	245.9M	144.6M	105.4M
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	54M	65.9M	90.7M	263.8M	203.3M	1B	697.4M	262.5M	430.2M	148.9M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	1B	944.5M	838.5M	675.8M	286.5M	48.7M	45.4M	33.9M	26.3M	20.7M
Total assets	7.2B	7.3B	7.2B	6.7B	6.5B	6.6B	6B	5.4B	5.1B	4.4B
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	327M	596M	139M	537.5M	—	800M	700M	—	—	—
Total current liabilities	367.8M	680.4M	219.5M	577.1M	51.8M	838.1M	734.6M	29.9M	38.1M	56.8M
Long-term debt	3.5B	3.2B	3.6B	3B	3.6B	2.9B	2.3B	2.8B	2.9B	2.4B
Total liabilities	4B	4B	4B	3.8B	3.9B	4B	3.4B	3.1B	3.2B	2.7B
Shareholders' equity	3.2B	3.3B	3.2B	2.9B	2.6B	2.7B	2.6B	2.3B	2B	1.7B
Total debt	3.8B	3.8B	3.7B	3.6B	3.6B	3.7B	3B	2.8B	2.9B	2.4B
Net debt	3.8B	3.7B	3.7B	3.5B	3.5B	3B	2.4B	2.6B	2.8B	2.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	278.1M	245.9M	207.1M	265.6M	256.5M	144.6M	302.6M	141.8M	201.4M	105.4M	121.8M	116.8M
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	303.7M	262.5M	246.3M	314.1M	342.6M	430.2M	386.4M	245.5M	468M	148.9M	139.9M	136.2M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	36.6M	33.9M	31.7M	29.7M	27.9M	26.3M	24.3M	23.1M	21.8M	20.7M	19.6M	18.5M
Total assets	5.5B	5.4B	5.3B	5.3B	5.3B	5.1B	5B	4.8B	4.7B	4.4B	4.3B	4.2B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	450M	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	482.5M	29.9M	24M	23.8M	25.2M	38.1M	26.9M	29M	30M	56.8M	26.1M	29.2M
Long-term debt	2.3B	2.8B	2.8B	2.9B	2.9B	2.9B	2.8B	2.6B	2.7B	2.4B	2.4B	2.4B
Total liabilities	3.1B	3.1B	3.1B	3.2B	3.2B	3.2B	3B	2.9B	3B	2.7B	2.6B	2.7B
Shareholders' equity	2.4B	2.3B	2.2B	2.1B	2B	2B	1.9B	1.9B	1.7B	1.7B	1.6B	1.6B
Total debt	2.8B	2.8B	2.8B	2.9B	2.9B	2.9B	2.8B	2.6B	2.7B	2.4B	2.4B	2.4B
Net debt	2.5B	2.6B	2.6B	2.7B	2.7B	2.8B	2.5B	2.5B	2.5B	2.3B	2.3B	2.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	141.3M	151.8M	292.4M	-82.9M	-134.3M	179.9M	-15.8M	-293.6M	-370.3M	-285.9M
Depreciation & amortization	282.9M	271.5M	280.4M	282.2M	262.7M	263.9M	239.5M	283.8M	285.1M	262M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	1.8M	30.6M	-10.2M	-48.8M	-12.9M	-72.8M	2.1M	-21.3M	6.6M	25.7M
Operating cash flow	410.3M	441.5M	554.9M	148.3M	92.4M	376.8M	223.5M	-20M	22.3M	-19.6M
Capital expenditure	—	55.1M	332.4M	254.2M	—	—	—	—	—	—
Investing cash flow	0	55.1M	332.4M	352.8M	0	367M	122.9M	14.5M	-19.5M	-7.2M
Dividends paid	-370.5M	-370.6M	-370.7M	-199.7M	-42.8M	-9.5M	-9.6M	-9.6M	-9.6M	-9.7M
Share repurchases	-452K	-341K	-411K	-299K	-171K	-383K	-171K	-393K	-904K	-1.1M
Financing cash flow	-1.2B	-681.1M	-1.7B	-965.9M	-1B	746.7M	-776M	-949.7M	-22.3M	-492M
Net change in cash	-839.5M	-184.6M	-765.9M	-464.7M	-955.1M	1.5B	-429.6M	-955.2M	-19.4M	-518.8M
Free cash flow	424.5M	419.3M	392.8M	265.8M	158.5M	-63.3M	-40.4M	10.5M	112.2M	-19.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-65.8M	-102.6M	-86.3M	-97.9M	-98.7M	-87.4M	-9M	-91.6M	-164M	-21.2M	-43.3M	-37.4M
Depreciation & amortization	67.3M	83.7M	70.2M	68.4M	69M	77.5M	68.4M	66.3M	65.4M	62M	62.9M	62.6M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-23.2M	-8.7M	2.3M	17.1M	3.6M	-16.3M	150K	20.7M	-5.5M	10.4M	-10.5M	6.9M
Operating cash flow	-20.4M	-23.3M	10.3M	12.5M	-621K	78K	77.3M	53M	-49.3M	-20.1M	8.3M	38.4M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	0	534K	-15.5M	0	1.5M	-5.7M	-4.5M	-2.7M	0	0	0	0
Dividends paid	-2.4M	-2.4M	-2.4M	-2.4M	-2.4M	-2.4M	-2.4M	-2.4M	-2.4M	-2.4M	-2.4M	-2.4M
Share repurchases	-353K	-7K	-78K	-43K	-781K	-2K	-6K	-103K	-954K	-82K	-88K	-50K
Financing cash flow	-3.5M	-1.2B	-8.6M	54.5M	-4.6M	-63.6M	-131M	-190M	104.2M	-275.1M	-3.9M	-3.3M
Net change in cash	-23.9M	-1.2B	-13.7M	67M	-3.7M	-69.2M	-58.3M	-139.7M	54.9M	-295.2M	4.5M	35.1M
Free cash flow	-14M	-7.2M	28.6M	44.3M	21.1M	18.2M	-3.2M	53M	-49.3M	-20.1M	8.3M	38.4M

Diversified Healthcare Trust Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement